Rosbank, one of Russia’s major banks, is launching a facility enabling importers to settle transactions using crypto. While the Bank of Russia does not support the use of crypto within Russia for such payments, the Rosbank solution uses a startup crypto firm B-crypto to buy the crypto outside Russia and pass it on to the foreign supplier. Hence it claims to be regulatory compliant.
Legislation is currently in progress to update digital asset rules so they can be used for cross border payments. However, this relates to digital financial assets (DFA), not cryptocurrencies. DFA assets are tokenized real world assets such as metals or trade credit assets.
There’s a connection between the crypto initiative and the legislation in progress. Rosbank was a subsidiary of Societe Generale until it was divested following Russia’s invasion of Ukraine. Now it is owned by an entity controlled by Vladimir Potanin.
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